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To: mulla711 who wrote (2954)	9/9/1999 3:30:00 PM
From: mulla711	Read Replies (2) \| Respond to of 3596

[B] WRAP: US oil prices surge; pushing import prices higher By Bridge News New York--September 9--Oil prices climbed to the highest level in 31 months today following a report showing that U.S. crude oil inventories fell much more sharply than expected last week. On the New York Mercantile Exchange, crude oil for delivery in October climbed by 59 cents to $23.25 per barrel at mid-day, the highest level since February 1997. "You can't fight the trend," one New York oil broker said. "The speculators and funds are so long and deep right now that it's disgusting," the broker said. The sharp gains today followed a report late Wednesday from the American Petroleum Institute showing that crude oil stockpiles fell by fell by 5.97 million barrels last week, about twice the increase that oil analysts had expected. Analysts said that the global oil glut that drove crude oil prices to a record low of $10.35 per barrel in December have has shrunk rapidly as plunging energy demand in Asia has begun to rebound and oil producing countries have engineered production cuts amounting to about 5 million barrels per day. The combination of stronger demand and lower production has now cut the level of U.S. crude oil stockpiles below that of a year ago. The higher crude oil prices send shares of major oil companies soaring today. Among components of the Dow Jones industrial average, Chevron Corp. jumped $2.9375 to $97.375, while Exxon Corp. gained $1.375 to $82.5625. Higher energy costs also raise the prospect of higher inflation and possibly higher interest rates, analysts said. The rise in oil prices added to a host of negative factors in the bond market that pushed interest rates on long-term bonds up past the 6.10-percent level today. The Labor Department said today that U.S. import prices jumped by 1.0 percent in August, the sharpest rise in April, as the price of imported oil surged by 11.3 percent. Compared with a year earlier, oil price in August were 61 percent higher End Please see news.bridge.com for a complete list of Bridge News media rewrites. [slug: OIL-PRICES] The Bridge ID for this story is ZJXDVJ * end of story *